SUMMARY
The Walmart-backed ecommerce major Flipkart recorded 5 Mn UPI transactions worth INR 197.24 Cr in March
NPCI data showed that Flipkart’s first month of UPI transactions were greater than Jio Payments Bank apps, Navi, and several other banking apps
Companies leading UPI transactions, Google Pay and PhonePe, processed 5 Bn transactions worth around INR 7 Lakh Cr in March and 6.5 Bn transactions worth INR 10 Lakh Cr respectively during the month
In its first month of full-fledged UPI launch, Walmart-backed ecommerce major flipkart
recorded 5 Mn UPI transactions worth INR 197.24 Cr in March.
As a testament to its strengthening presence in fintech as well, Flipkart’s UPI transactions in the first month of its operations were ahead of Jio Payments Bank apps, Navi, and several other banking apps, as per National Payments Corporation of India (NPCI) data.
“We’re seeing an encouraging response from our customers. UPI as an instrument has improved accessibility and convenience for both commerce and non-commerce transactions, and Flipkart’s goal is to ensure we provide the same convenience on our platform as well,” Flipkart said in a statement.
It is pertinent to note that the total UPI transactions volume in March stood at around 13 Bn with transactions worth around INR 20 Lakh Cr.
To be sure, while Flipkart registered 5 Mn UPI transactions in its first month, MobiKwik’s total transactions stood at around 8.3 Mn in March. On the other hand, Groww registered 6.7 Mn UPI transactions last month and Jupiter 5.6 Mn.
Meanwhile, the UPI landscape continues to be dominated by Google Pay, PhonePe, Paytm and CRED.
Google Pay processed 5 Bn transactions worth around INR 7 Lakh Cr in March, PhonePe registered 6.5 Bn transactions worth INR 10 Lakh Cr, while Paytm saw 1.2 Bn transactions worth INR 1.3 Lakh Cr. On the other hand, Amazon Pay registered 65.3 Bn UPI transactions last month.
We must note that Flipkart rolled out its UPI offering in January this year but it was limited to a select few users.
A source aware of the development had told Inc42 that Flipkart’s UPI offering went live for around 10,000 users in the first batch that month. The company was planning to scale it up nationally in the forthcoming weeks.
Flipkart also partnered with Axis Bank for its UPI offerings. The @fkaxis UPI handle is set to provide both online and offline transactions, including ecommerce transactions, recharges and bill payments.
An industry executive reportedly informed Moneycontrol that Flipkart’s UPI usage would be higher than that of Amazon Pay UPI in the long run.
“Amazon targets the premium customers where the credit card penetration is high. Flipkart is more popular among tier 2 cities, towns and villages and will likely see a lot more UPI usage,” the executive was quoted as saying.
Last month, Dheeraj Aneja, senior VP, fintech and payments group at Flipkart, said in a statement that the launch of Flipkart UPI seamlessly merges the convenience and cost-effectiveness of UPI with the trusted efficiency customers expect from the company.
“At Flipkart, we are committed to delivering the best-in-class commerce experience to customers by offering safe and convenient payment options along with a wide array of rewards and benefits such as Supercoins, brand vouchers, and others,” he said.
